• Revenue increased 10.8% to $251.1m
• Underlying NPAT decreased 22.6% to $33.3m
• Interim dividend of 30.0 cents per share declared

Nick Scali Limited has reported its half yearly results for the period ended 31 December 2024. Revenue increased 10.8% to $251.1m, benefiting from the inclusion of the results of the UK business acquired in May 2024. However, profit from ordinary activities after tax attributable to the owners of Nick Scali Limited decreased 30.2% to $30.0m. This was due to losses in the UK business and one-off expenses in the ANZ business. Underlying net profit after tax, which excludes restructuring costs and freight forwarder failure costs, decreased 22.6% to $33.3m. The ANZ business reported underlying net profit after tax of $36.0m, above the $30-33m profit guidance provided at the October 2024 AGM. The UK business reported an underlying net loss after tax of $2.8m, lower than the $3.3m - $3.8m loss guidance. The company has declared a fully franked interim dividend of 30.0 cents per ordinary share, to be paid on 26 March 2025. During the period, the company completed a $3.8m equity raise to fund the UK acquisition and subsequent UK investment. The company also opened a new store in Artarmon, NSW and relocated two Plush stores in Newcastle and Prospect, NSW. In the UK, 4 stores were refurbished and re-branded Nick Scali, with a further 8 stores expected to be refurbished and rebranded in the second half of FY25.

The ANZ Group underlying net profit after tax for 1H FY25 was $36.0m, above the $30-33m profit guidance provided at the October 2024 AGM. The UK underlying net loss after tax for 1H FY25 was $2.8m, lower than the $3.3m - $3.8m loss guidance provided at the October 2024 AGM.

Trading continues to be volatile, with written sales orders down 8.5% in January but positive 5% in the last week of the January Sale in the first week of February. In the second half, one Plush store will open in Melton, Victoria, but some other expected store openings have been delayed to FY26. In the UK, the refurbishment and rebranding of a further 8 stores is expected to cause further disruption and increase operating losses in the second half compared to the first half.